The coronavirus pandemic has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new crisis, the World Bank warned Tuesday.

"The pandemic has greatly exacerbated debt risks in emerging market and developing economies; weak growth prospects will likely further increase debt burdens and erode borrowers' ability to service debt," the World Bank's Ayhan Kose said.

"The developing world cannot afford another lost decade."

Excluding China, the World Bank's semi-annual Global Economic Prospects report estimates emerging markets and developing nations will grow just 3.4 percent this year after a 5.0 percent contraction in 2020.

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